sorry. but why? would steve jobs have done it this way, mandy? >> that's a very good question. with the minus signs still on the board, folks, stocks well off their lows. dow was down as many as 118 points earlier, and despite today's remaining losses it's still on track for its eighth monthly gain out of nine so far this year. the s & p 500 is also about to conclude a high september and third quarter but it is limping to the finish. right now on track for its sixth loss in seven sessions and eight down days out of the past ten. here's some more stats. nasdaq also down today but it is on pace to chalk up the biggest third quarter gain of the major averages, up about 6.5% over the past three months. i'll take that any day. let's turn it over to bob and rick on these markets. bob, i'm going to get out to you first of all. so much for d cumming, right? we did it again yesterday mir reporting when we got those results from spain. are markets smooth to off their lows? >> recapitalization about in

line with expectations. i think more importantly a lot of people are straight the fourth quarter the way they wanted the third quarter, that is play the global slowdown. in theory we're seeing signs of a global slowdown but just not in the stock market so much. if you look what's happened here so far in the third quarter, u.s. indexes have done well. s&p 500 having a great month overall. these are for the monthly numbers. and more importantly, the global indexes are holding up very well. so this idea of playing the global slowdown while it may make some sense isn't really working out that well in reality. brazil, spain and germany have been outperforming the u.s. in a month where there's been a lot of concerns about global slowdowns. cleaning up europe is the major issue here. of course central bank interventions. finally a lot of people have been doing the buy u.s. strategy, sell materials they're globally exposed, stay in consumer discretionary stocks. but the overall market all sectors have been lifting as the effects of the central bank intervention efforts really take hold in the stock market. some of the major sectors all to the up side in this month and this quarter. >> the proverbial central bank

tie lifting. rick i saw that treasury has also raised their earlier gains after the bank stress tests from spain eased some anxiety. >> oh, absolutely. and traders when skid them do you really think that the stress test reflects the real world with regard to banks, they said well, we don't think so but we still reversed our positions in front of a weekend. we'll contemplate. read what is written about it over the weekend. i will leave it at this. we've had three jobs numbers for this quarter that's ending. the average 100,000 per month. we had a 13.2% drop in durables even without transportation down 1.6. we have a three-year dropoff in chicago purchasing manager survey. and all stimuluses funds meaning whether it comes from europe, japan, china, the u.s., so bob is right. but once again the economics don't back the rallies but the rallies are real, at least for now. >> we're going to talk more about the economics not backing the rallies in just a second.

thank you so much, bob and rick. man dirks beauty may be in the eye of the beholder but i just got to warn our viewers. if you do not like ugly charts turn away now. hide the children, hide the wives, hide the husbands. a measure of chicago area business executives came in not only weaker than expected, but pretty bad nonetheless. look at the trend has not been a recovery's trend. this is the chicago pmi, all right? blue and green seahawks colors. what i want you to pay attention to is -- i'm not supposed to step over here. this line right here, okay? the 50 mark. you can see back 99. it started to fall below 50. remember we had a short recession 2000-2001. 2008? i don't need to tell you what happened then, folks. big tumble there. well look at the far right, okay? that posted a big drop. in fact the biggest drop last month that we have seen in a number of years. this is chicago area. this is nation-wide. this is the ism manufacturing

index. and again, the gray areas, those are recessionary periods in the u.s. economy. drop back in 1990, it dropped back in 2000 to 2001, and of course it dropped with the financial crisis an the great recession hit. what i'm worried about, mandy, what we're going to talk about right now is the far right side of that screen. both of these numbers are coming in under 50. and when we hit sub 50 for both these numbers it often portends, how i do say it, not good things. >> that is indeed ugly. in fact, brian, as we can see from those charts, when the numbers come in below 50 it often means we're heading into recession. let's ask dan greenhouse, and with us senior vice-president of the chase mid cap growth fund. dan, i would like to start with you first of all. as we can see, the economic numbers appear to be take a turn for the worst. and yet your not totally convinced that the stock market rally is over. is that a fair play? >> well, it is. it's important to remember that

the u.s. stock market is not u.s. gdp. certainly in the short term if not the medium term. i would make a couple of quick points. the first of which is, brian is exactly right when he points out what's happening with the chicago pmi and ism. it's important to remember that ism below 50 even for a somewhat extended period of time does not automatically mean a recession in the mid 1990s, the ism was below 50 for a long period of time and the u.s. was not near a recession. this is not '95 or '96. but it's important to remember that one does not mean the other. >> what does it mean in terms of your investing then? >> it's part of the larger story that the u.s. economy is just sort of grinding along here and the manufacturing base, which has been an important driver of economic output so far, is starting to slow down. but there's nothing necessarily recessionary as of yet. now to be clear, that doesn't mean that four quarters from now or six quarters from now a recession is a zero probability. i actually think it's a little higher than people expect.

but in the immediate it's not coincident as of yet with the recession. >> you know, dan, i know you're a big music guy. perhaps you know the rolling stones song "turd on the run." when i look at the durable goods numbers yesterday, the chicago pmi today, we have been optimistic on "street signs." these numbers i got to say have me nervous. >> and i would add for people who did not pick it up, you did a little bed intruder song during your -- >> thank you for noticing that. hide the kids, hide the wives, hide the husbands. >> for people who don't know it they should google it immediately. that aside, listen. it's pretty clear that the u.s. economy is not strong. it hasn't been strong in a couple of years now in terms of people who do tv, we've been right out front sort of pushing back against the idea that there was this magical elixir that was going to set the u.s. economy off, that the stock market was going to go up at a more rapid pace than history suggested. and what you're seeing obviously is a bit of a slowdown. with respect to david that has already been slow.

one that's coincident with roughly speaking a 1.5 to 2% gdp growth rate which is terrible. >> indeed in that terrible environment i was wondering, dan, at what point does the stock market no longer rally? at what point does it start impacting earnings of american companies to the point where it is hard to extract growth there and therefore hard to get stock market gains? >> it's important to remember that companies, this is the most important factor here. the u.s. economy hasn't been performing very well but u.s. companies have done exceptionally well in terms of managing not just the downturn but the slow expansion. balance sheets are particularly strong, especially in the technology sector where there's low levels of debt and high levels of cash. companies have not been quick to add employees back when demand levels haven't necessarily justified it. so what the stock market's done has driven higher not necessarily on top line growth but on bottom line growth. listen that, doesn't continue in perpetuity but we've seen it for a couple of years now. to the extent that we think you can go a little hire here in the near-term it is to get back to

your first point a central bank play. >> as we close out the third quarter let's bring in brian to the conversation with regards to the data that we've been talking about and what it means for the markets. i would like to ask you, brian, whether or not the current environment that we have economically where we're sluggish and potentially moving backwards is actually a good market for stock picking. because investors will be willing to pay a premium for the relatively few companies out there that can still grow their earnings in that environment. >> yeah, mandy. i think that's absolutely correct. it can be a very good environment for stock picking. i agree with what dan said, most of the data we've seen recently has been to the negative side and consistent with contraction if not outright recession. but there are still companies out there that are able to grow. and as investors search out those companies those stocks can do better. >> brian, do you think we're headed into a recession? >> the data is not consistent with that right now. we're certainly in a slow growth

environment. and as dan said, it looks like the indicators are consistent with 1, 1.5, 2% gdp growth. >> let me ask it a different way then. gdp revised down. durable goods stunk. you saw the pmi number we brought up. are you more nervous today than you were five days ago? >> no. i think the numbers have been a little bit ugly. but i think they are again consistent more with that slower growth at this point in time. there are a lot of concerns out there, but not necessarily indicative of recession yet. >> well throw us some names then, brian, you're a mid cap guy so within the mid cap universe which names do you think fit the bill that can still grow their earnings that slow growth environment? >> mandy, one of the companies we like right now is a company called asena retail. it actually is a pretty direct play on that slow growth environment. they are a women's fashion retailer. most people know them for dress barn and maurice's but they

recently have added brands like justice and lane bryant to their portfolio mix. they represent a good value proposition for their female clothing customers. and can continue to grow even in a weak overall economic environment. >> sorry. this is the old dress barn, right? >> that is the old dress barn. that's correct. the company formerly known as dress barn. >> okay. we have to leave it there. but brian thank you very much for your reports and thanks to dan greenhouse as well. now a market flash from jacky d. looking at abbott labs at this point, we're seeing the stock down on this headline. the fda today expanding the approved use of humera to treat us ulcer a tiff colitis. 22% year to date so still not bad. 68.69 for abbott labs. >> jacky, thank you very much. we got a big mia culpa from

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don't look now but nat gas has climbed recently a lot. up about 27% over the past month, although the past 52 beeks prices are down nearly

13%. still a nice little run in the short term. >> indeed it is. speaking of nat gas, house democrats want the energy department to doe lay approving an increase in liquified natural gas exports. if the u.s. is the saudi arabia of nat gas is there a cause for concern? research fellow and energy economics and climate change at the heritage foundation. gentlemen, great to have you in on the discussion. tyson, i understand you think it's okay if we use nat gas more here at home in the united states but you're not really so sure about the exporting equation. why not? >> well, i mean, like you're saying, the natural gas prices have been increasing lately. that's because of increased domestic demand, particularly in the electric power sector where for the first time in american history we're fuelling more power plants with natural gas than with coal. the concern about ramping up exports of natural gas to a significant degree, we've got

almost 15 proposed export terminals across the country. is it's going to be another form of demand which is going to increase prices. in fact, earlier this year the energy information administration estimated that if we export that gas, prices are going to rise at least 30%. and so that's of concern not just the household customers but also to industrial customers that are seeking to expand manufacturing capacity here in the united states. >> so you're saying at least 30%. but david with the volume of exports that we're potentially talking here, how much of a significant impact would you expect to see on prices realistically? >> we're going to see prices go up anyway because they're below cost of production right now. i don't expect to see 30% from the exports. it's likely to be negligible. here's the big thing. we can generate income. this is good for our economy. we export soy beans because we produce it them more cheaply. we export corn because we can produce it cheaper than other places. why not export gas if we can?

why not allow the people who produce it want to export it make that choice creating jobs producing the energy here in the u.s.? >> david can we use it here, though? like are we going to sell it instead of using it or is this pure excess we're talking about? >> well, we're going to do both. we have the resource expansion which tyson's group wanted to smother in the crib, the new technology has exploded the amount of natural gas we're going to be able to have. so we can do the power. we can do the industrial use. and we can have some to export. we're exporting it because we can produce it more cheaply than they can produce it abroad. they're sending us the money for exporting the natural gas. that's a good thing. >> tyson, this is obviously a hot button political issue. at the same time is it necessarily a partisan issue? >> well, it's definitely problematic. because the nature of some of these export agreements would lock us into long-term commitments to export gas regardless of what the domestic price situation is. especially because the export

agreements will probably be with what's known as free trade agreement nations. those are nations that have national treatment over natural gas issues. right now that's korean and singapore but it could include a number of european countries and japan. and that would lock us into long-term commitments even if prices started to go up domestically. >> tyson, sadly i've been doing this long enough they remember the l and g debate used to be don't build it, it's too dangerous. they might explode. now it's we can't sell it because we should use it here. it does seem like people hate l and g period. >> the debate wasn't just that l and g terminals are unsafe. it was that we needed to build import terminals. that's what allen greenspan was running around the country saying in 2003-2004. it shows how quickly market dynamics for natural gas has changed. and it shows that it can change just as dramatically if we start using a lot more and exporting a

lot more. so we have to be cautious about approving these terminals. i think we need to take a go slow approach. >> i know we can obviously sit here and debate the pros and cons all day. but david, what do you think is going to happen? >> well, let's make a point. we're not locking ourselves into any price. tyson, you're not selling. this i'm not selling this. it's not washington's decision to decide what the price should be. these are people, private companies which many of us may have shares in, that want to export a product that they own. and make money for us. this is a good thing. if the producers lock themselves into a bad price, that's their problem. it's not washington's problem. it's not tyson's problem. it's not my problem. so let them make those decisions. let them take the risk. let's not twirl our fingers and our hair and look at the ceiling and worry about things that might go wrong. that's not our job here. our job is to let people make their own decisions. >> these issues feature very unique national security concerns. so we all talk about energy independence as a national priority.

so when you're talking about exporting large volumes of gas produced here in the united states, it raises issues about the sustainability of that price. >> no, it doesn't. >> for the domestic market. >> we have plenty of coal and gas to produce electricity. we do not have a dependency problem for electricity. we can produce it with the -- no problem with that. >> giant hamster wheels of the future. but we appreciate a fair and civil debate. gentlemen we will have you back on. thank you. >> my pleasure. >> giant hamsters. genetically modified hamsters. >> they're coming. you voted, america, and we listened. we are about to reveal the name of the person that you say was on the biggest ego trip this week. and later on, you won't believe the gig that rock star lenny kravitz has lined up for the weekend. let's just say it's not exactly a sexy venue but it will be a super heyday. of course, lenny's already having a big year. remember the scene from "the hunger games"? >> tonight it should be parade.

take you out and show you off to the world. >> so you're here to make me look pretty? >> here to help you make aim pressing. usually they dress people clothes in their district. >> coal miners. >> i don't want to do that. i want to do something that they're going to remember. it. or gw ...i propose savings for everyone! i'm talking hundreds here... and furthermore.. newcaster: breaking news. the gecko is demanding free pudding. and political parties that are actual parties! with cake! and presents! ah, that was good. too bad nobody could hear me. geico. fifteen minutes could save you fifteen percent or more on car insurance. make sure the news keeps coming with thinkorswim by td ameritrade. use the news links breaking stories with possible breakout stocks, options with potential opportunity, futures and forex with in-depth analysis. it's an all-you-can-eat buffet for all things trading.

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all right. we've breaking news now. china, energy and national security. president obama has just revoked a chinese-owned company called ralz corporation to divest its interest in wind farms. the president cites unspecified national security risks as the reason for blocking that deal. let's take a little sunshine into the show. the diagnostic testmaker ceo telling our own jim cramer about the advertising promotions of the in-home hiv test and efforts to -- it's the first over-the-counter self-administered test for the virus that causes aids. it was approved by the u.s. health regulators back in july. i remember we did it on our street talk here on "street signs". >> well now for our disaster dus? jour. a company called adtran.

broadband company. ethernet switches, routers, et cetera. that stock taking a big hit today. they cut their forecast in a big way. that's about half of what wall street was expected. downgraded to underperform at bank of america-merrill lynch with a target of 15 bucks. so mandy, another 2.25 down side here. >> downright scary sign of life for the u.s. economy. we find them where we can. the national retail federation says hallowe'en spending could top a record $8 billion this year. retail experts say 7 in 10 americans are going to get into the the spooky mood shelling out an average 79.82 on decorations, costume and candy. the scariest stat of all, though, brian, americans are expected to spend a record $370 million on hallowe'en costumes for their pets. mainly dogs, by the way. retailers say pet costumes are the fastest-growing area in hallowe'en costumes. there you go. and a rare apology from a

major ceo. but did apple's tim cook make the right move this morning? we're about to talk with a top ceo speech writer who is not mincing words right now. she says this was a huge mistake. and she's going to explain why. want to try to crack it? yeah, that's the way to do it! now we need a little bit more... a little bit more vanilla? this is great! [ male announcer ] at humana, we believe there's never been a better time to share your passions... because the results... are you having fun doing this? yeah. that's a very nice cake! [ male announcer ] well, you can't beat them. [ giggles ] ohh! you got something huh? whoa... [ male announcer ] humana understands the value of spending time together that's a lot of work getting that one in! let's go see the birdies. [ male announcer ] one on one, sharing what you know. let's do it grandpa. that's why humana agents will sit down with you, to listen and understand what's important to you. it's how we help you choose the right humana medicare plan for you. because when your medicare is taken care of,

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on our friday edition of street talk rim. >> big move for rim. results better than expected. not earnings. i know rim earnings. there's no earnings. there was a loss. but the loss was 27 cents. that was narrower than the expected loss. listen, the play book tablet remains weak. shipped 130,000 units versus 300 th quarter. they still see an operating loss next quarter, but as herb hood might say, american sale just 22% of the company down from 25% of the first fiscal quarter. this stock was upgraded by two analysts today. so a little sunshine. we could have done that as our sunshine stat. >> we could have. in the meantime, why don't we

move onto nike also out with its earnings. the stock, however, not so pleased. a couple little warning signs in there as well, right? >> there were. mandy, the stock is down but not nearly down as much as it was earlier when we talked about this name, right? earnings beat by 11 cents. you say that's great news, right? two problems. gross margins fell. here's the biggie, though. future orders disappointing particularly those in europe and china. okay. china is the key here, folks. nike did say fiscal second quarter and full year revenue growth should be mid to single digits. however watch china. it's a global story. >> it has been a huge growth corridor for the company so that is a concern. young brands also trading lower. >> quickly no news on yum. the reason i wanted to bring it up, this is a company that has more percentage of its revenues in china than any other company in the s&p 500. so when nike came out and spooked people about china, the owner of kfc and taco bell and pizza hut is getting whacked as well. yum brands down about 1.75%.

okay. and facebook is, well, the gift can be a real revenue stream for the beaten down company wall street wants to see some more monetization. >> i'm not on facebook. it's a gifts thing, right? a monetization? >> you can basically send a gift through facebook. click the gifts thing on facebook and send a gift to one of your friends. then of course facebook gets a little cut every time that you send a gift. so again it's one of those things where they're just trying to get another revenue stream. starbucks, magnolia bakery, 1-800-flowers have signed on. i believe about 100 launch partners. they say it's a good signal. they're experimenting. finding other ways to monetize the user base. it will be available to a small substantive user the in the united states. >> do you buy it and send it to your friends or do you sell it to your freblgds and they buy it? that's direct selling. multilevel marketing. good news for facebook. stock up 7%.

>> accenture earnings flat but mostly due to tax and some currency stuff. here's the good news. they predict full year results above current expectations. that stock, my friends, trading at all-time highs all the way back to its ipo in july 2001. they raised their dividend by 20% ending on a good day for the company, up 7.28% to be precise. >> do you know what that means? accent on the future. they held a competition to get that name back in however many years it was ago that they switched to the name. >> not quite as good as mondelize. the new craft company? well, remember that steve jobs sort of apologized for antenna gate? >> antenna gate doesn't seem like a good idea if you can touch your phone and one particularly grip your phone in a certain way and the bars go way down? that doesn't seem like a good thing. well, it turns out it's certainly not unique to the

iphone 4. >> now, that was back in 2010. and it was about the iphone not working as, you know, a phone. well, new apple ceo tim cook taking a very different stance today after some complaints about its maps app on the iphone 5. cook released a statement saying "the company fell sort short of its commitments and is extremely sorry." why we're calling it the apple maps app flap. should he be falling on a sword for this? joining us now melissa jones, former speech writer all around smart person. >> all around smart person. thank you. >> here's my question. why in the world is tim cook apologizing about this? >> i don't know. and you know, listen. no one wants to be tim cook. you're following the master of communications steve jobs. but he shouldn't have issued an apology. what he should have done was issue an explanation. because that's really what it was. this is what we're trying to do with our maps. this is why we're doing it. but to apologize was really the

wrong move. and within that apology, by the way, he made two critical mistakes. >> which were? >> which were, thank you. he wasn't a motive. we came from steve jobs. and his emotion was being very forthright. hey, we make the best product out there. we're going to trip up here and there, but he was so passionate about his product. i don't see that in this statement. the other problem that he had that throughout his statement was that he really asked con consume tors do something. we messed up. now guess what? you have to go download an app. and we want you to go to google. we want you to go to this person's web site so you can get a better functioning map. and by the way, we're not going to, as steve jobs didders, he gave you a $100 credit when price gate happened. we're not really going to give you anything for this foible. >> so you think it's a mistake. but what are the implications? obvious lit stock is down today. but does it really have any

further implications in terms of the company's strategy of stock price going forward? >> i think it's a small bump. but i also think that consumers' reactions are collective. and i know for the last week i've had problems with my iphone. so i'm starting to get tired of being charged $800 for a phone my maps don't work. >> so the rose-colored glasses are off. is that what you're saying? >> absolutely. look what happened with netflix. if you continue to make these mistakes. if you continue to not connect with your consumers emotionally it's a downhill slope. let me say this as well. what bill gates has always said is he's not worried about the sam sungs, right? he's worried about the guy in his garage. so we should always be worried about that even at apple's level. >> i'm sort of biting my tongue here. i do -- listen. i've got an iphone. the app needs some improvement. whatever. whatever, right? >> right. >> on a bigger perspective, this is not a technology that existed five years ago, right? largely. and now people are outraged, right? because of this. have we become -- in twitter and

everything else, people have the ability to communicate more than they ever have before. are we becoming a nation of sort of the real vocal angry minority controlling us? you know what i mean? like a couple of percentage of people are outraged. it becomes a thing, right? almost like a nation of whiners about things like this. we're talking about a map application. two out of five people live on a dollar a day. >> of all the apps on the iphone, i use maps the most. >> but the yelp integration is fantastic. >> listen. >> hype around apple we've come to expect perfection. >> not even apple, mandy. you know what i'm talking about. people now being able to complain in a way that's going to cause ceos to constantly lose focus because they're apologizing, addressing outrage. everything's a crisis. everything's a gate. >> i don't think it warrants outrage. but listen, you're apple. we stand in line. we pay $800 for phones. you need to release a product that works.

>> we dress our pets in hallowe'en costumes. >> absolutely. come on. let me say. this in seven weeks before the presidential election we have a truth deficit in this country. and so don't sort of move around your statement saying we're out to produce the best products. are you? because what it sounds like to me is you're out to have the solid monopoly in apple product, you're sort of outpacing google now. and you're not doing it well. >> i know we've got to go. louis c. case said? >> you remind me of him. >> oh, god. but you're sitting in an airplane seat flying in a tin can at 30,000 feet and you're complaining because you don't have wi-fi. >> i know. >> you're in a can in the air. and you're traveling through space and time. and you're worried about no wi-fi. i don't know if i'm making the point or not. >> you're apple. >> i agree. too many outlets. >> the standard is high. >> the standard is high up and yes, too many outlets. >> i need an mimosa now after

that rant. >> good job. >> was a drink named after you? >> the flower. the national flower of australia. >> yeah, waddle. what we call a waddle. you call it mimosa. >> mine apparently is the cactus. prickly country. let's get a market flash now from jacky. >> you guys are making me laugh. we're watching shares of air methods over here. the board recommending a 3 for 1 split for the company. implementation is subject to approval by the company's shareholders. there'll be a special meeting on it november 19th where they will vote on it. if it passes that would increase the authorized shares from -- up to 85.5 million shares outstanding. stock up.6%. >> from airplanes to air methods. jackie, thank you. all right, gas surging in the final moments of the trade. now to bertha coombs. >> look at this intraday chart of the gasoline contract expiring today. we saw hge here at the

end of the day. now traders caution that this is on fairly low volume. it's been a fairly quiet day today. it looks to them like this was a short squeeze that somebody was trying to square out their position to end the month. gasoline has certainly been the story this quarter. not to this extent that we saw today. if you take a look at the november contract there was a significant difference. so tomorrow you're going to see a very big difference when we come in for our monday morning trading. nonetheless that's a wild end. gasoline has been the story. so many refineries having so many problems particularly here on the east coast. we're seeing a bit of shortage of gasoline. back over to you. >> berthat, thank you very much for that. well, who says money can't fix everything? it looks like money is actually fixing the dreaded gender gap for mitt romney. america's number one expert on the rich is about to join us to explain why wealthy women are just, wellffer insulin users test often.

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i'm bill griffith. coming up on "closing bell" third quarter wrapping up. how should you prepare for the next three months in if history holds true, q 4 is usually good for investors but a lot of wild cards this time around. we'll talk investment strategy. very important segment coming up. earlier this week one analyst on closing bell said he expected rim to fall to $5 a share. that stock was at 6 then. it's now at $8 after the surprising earnings. we have him back now to see if he's changed his mind or if he this that rim shares are still poised for a big decline ahead. all ahead on "closing bell." we'll see you then, mandy, at the top of the hour. who says republicans have gender problems? there is one group of women, it turns out, who actually love mitt romney. our robert frank is here to tell us why. >> they do in fact. in fact, among some women romney has the lead. those women? wealthy women. new poll from the american affluent center looksed at

households with a net worth of more than $800,000. half the women in the poll planned to vote for romney in november. that compares to only 40% of women voters who support mitt in the broader election. welly women in fact support romney more than wealthy men. so why do wealthy women like romney? it's not taxes. taxes didn't rank among the top five concerns of women. ron kurts says that affluent women place a higher emphasis on economic and budget issues and they see romney as the better candidate for those issues. that doesn't mean that romney is scoring well with all after fluent women. in fact, 16% of these women remain undecided. he's still got a lot of work to do among the better half of the upper class over the next 39 days. >> when you talk about more work to do, what specifically would you advise him to do? >> this is the age-old question among men. how to woo wealthy women, right? that's what all men want to know. >> the secret elixir. >> so if i own knew. look. >> that's a whole different show, right? >> a whole different show.

>> that's tomorrow. >> our documentary special. >> no. i think he needs to connect with them and give specifics on the economic plan. when you look at these, these are discriminating, highly educated voters. they want specifics on how he's going to create jobs and fix the economy. >> if that fails give them free chanel. >> there you go. >> i like it. thanks. what is it going to take to diffuse the ticking debt bomb in american cities? good question. especially since l.a. wants to build a more than $1 billion football stadium. they don't even have a team for it yet. we'll debate l.a. and pensions coming up. [ male announcer ] at scottrade,

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nation's second largest city but it has one notable thing missing. professional football. but before it gets a team it needs a place for that team to play. brian shockman has been named as our sports reporter here. also now the full-time host of cnbc "sports biz." >> got big shoes to fill. >> congratulations. well deserved. i know you will kick much -- >> nothing is simple in los

angeles, right? that seems tonight code. i want to give you this one. how about a city council vote on a new stadium project that might get sued and the company set to build it just announced it's trying to sell itself? you get that, mandy? you following? >> i'm following. >> that's what's happening. today l.a. city council will vote on a $1.5 billion deal put forth by aeg, an entertainment group which recently let it be known it wants to sell its sprawling sports empire which includes the staples center and l.a. kings. privately financed by aeg would get a few hundred million in city-issued bonds to redevelop the convention center area. that would be paid back in lease payments and tax revenue. now don't forget jobs here. aeg estimates 10,000 temp ones to build and 4,000 permanent once when done. the lawsuits could come from environmental and anti-poverty groups that feel their interests are underserved or ignored on this project which would border the lovely staples center. the goal has been to get the nfl on the field in l.a. by 2017.

that's pretty aggressive. approval today would be a big step. aeg said it could deal with the lawsuits. and the league in terms of trying to find out which team it's going to be. i don't think the nfl is going to expand to accommodate los angeles. >> before i call you me again, apologize for that. >> it was very again -- i apolo that. my chargers, because you know i'm a native los angelino. are they moving? >> everyone talks about the raiders who were there. >> they were there are already. didn't work out. >> of course, al davis, rest in peace, passed away. they're ripe for the sale. jacksonville is one. they have lease issues. those are the three. >> but it wouldn't be a new team. >> as far as i'm been told -- >> the l.a. express aren't coming back? >> no, they're not going to bring steve young back to do that. that's not going to happen. >> what's coming up on sports biz? >> on the maiden voyage, we're

going to talk about the money ball a's. i talked to the owner. talk about why they're not making more money, even though they've won about 20 more games than last year. we sat down with marshall faulk. and we're going to marvel at the nfl guys. they had the biggest fiasco in years, and it's more popular today. ratings were up. >> nothing like a good scandal to get people watching. >> they got it, and the numbers have been phenomenal. >> sportscenter had its highest rating ever after the game. >> most watchers ever. >> i understand you classed up the show with a suit and tie and made it look nice. >> i didn't wear a tie. i actually wore jeans. i wore blue jeans. i haven't worn them in 21 years. >> 21 years? >> i had to go buy a pair. i don't own jeans. that's what the sullivans and revelles of the world wear on that show. >> you have to find some clown pants or something to be different. well, l.a.'s stadium plans come as the city scrambles to

fix a budget problem. this week, the l.a. city council unanimously approved deep pension roll backs. but is it enough, or is l.a., like many other u.s. cities, faced with a ticking financial time bomb? let's bring in the senior fellow at the manhattan institute. what do you reckon, steve? is it going to get worse? >> yes, because this pension fix is only for new workers. in other words, workers who haven't been actually hired yet. the estimate is it will save $30 million over five years. sound like a lot of money? well, l.a.'s pension payments are supposed to double to $1.2 billion over the next five years. so this is really just peanuts. this is a city which its own chief administrative officer issued a report in april saying it does face potentially insolvency in the next four or five years. >> we want a whole lot more than peanuts. how do we progress from here? what needs to happen, steve, to be able to avoid that worst-case

scenario you just mentioned? >> the problem in a place like california in general is they've waited so long to address their pension problems that they can't dress them now without a lot of pain for everybody. the real fact of the matter is that going forward, you have to change pensions, not just for new workers who haven't even been hired yet. you have to change them going forward for your current workers. if you don't do that, you'll continue to build up these obligations over years until you get to the point where a lot of these work verse retired. that's 15, 20 years down the road. they don't have that much time. >> you know i love you man. it's been a long time, and it's great to see you again. >> how you doing? >> i'm doing great. but, you know, the road is long. i agree with what you're saying. we can kick that can maybe a little further than we think, no? >> of course, people have been kicking the can down the road for more than a decade. that's one reason why we're in this problem. you know what?

finally the bond market is starting to stand up and say in some places like illinois, no more. moody's is standing up and saying that we are downgrading people based at least in part on these pension obligations. at some point, i think, what we're going to see is bond investors are going to stand up and say we're not going to take this anymore. then it's going to be like a crisis situation. the idea is not to let yourself get to that point. >> what i worry about is this, once a couple of cities maybe do this, go into chapter 9 bankruptcy, they leave their obligations, more cities are going to say, hey, why don't we do that? do you think we could see that downward -- it's going to sort of steam roll. cities say, why should we pay our debts? >> yes, but that will only happen, brian, basically if the courts allow bankruptcy court to eliminate pension obligations too. that's a really bad deal for workers. we hope it doesn't get to that

situation. that's hardly a solution, but it may wind up that way. it's already that way in places like stockton where they're battling over exactly what you just described. >> got to stop the ticking. got to diffuse it, steve. thank you very your thoughts. new york city apparently isn't in financial ruin. the city, in fact, is shelling out $230 million to build, ta-da, the world's largest ferris wheel. you're looking at an artist's rendering of the proposed 625-foot structure. the ferris wheel would stand taller than the london eye and also the one in singapore, which is the current record holder. construction is slated to begin in the next year and a half. so in 2015 we will be lining up for the ferris wheel. >> i can't wait. all right. one year ago lenny kravitz was doing this. yeah, he was rocking the crowd on national tv on the "today"

show. you'll not believe where lenny it performing now. i was on maternity leave. i have retired from doing this one thing that i loved. now, i'm going to be able to have the time to explore something different. it's like another chapter. the economy needs manufacturing. machines, tools, people making stuff. companies have to invest in making things. infrastructure, construction, production. we need it now more than ever. chevron's putting more than $8 billion dollars back in the u.s. economy this year. in pipes, cement, steel, jobs, energy. we need to get the wheels turning. i'm proud of that. making real things... for real. ...that make a real difference. ♪

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kravitz. >> who does "street signs" have? we need a rock band too. tweet us and tell us who you think should be our rock band. okay. earlier today we asked you to cast your vote on whose ego had the biggest trip this week. the voting has now closed. it is now time to reveal the answer. it was between real referees, whose egos must have shot up, bacon lovers, whose ego took a beating after the announcement of a bacon shortage, and r.i.m. devotees, who get a new operating system and, by the way, a nice stock bump. the survey says real referees with 72% of the vote. is that what you would have expected? >> yeah, because bacon lovers, they're sad. even if you're a r.i.m. devotee, it's been tough for you. if it was bacon-flavored refs --

>> delicious. my favorite ice cream flavor. thanks for participating, everybody. check out our facebook page for a new ego trip poll next friday. >> thanks for watching, everybody. have a great weekend. "closing bell" is next. hi, everybody. good afternoon. welcome to the "closing bell." i'm maria bartiromo. we're at the fooi stonew york s exchange. we enter the final stretch. >> as they head toward the tape, they're going to try and lean in and make a good one here. i'm bill griffeth. we were down sharply earlier today. it's a different story now. wall street looks ahead to close out this quarter. we've seen gains from 7 to 8 to 9% for the s&p. safe to say the third quarter was a solid one for the bulls. now the -- >> can you say qe-3? >> that helped, right? now whatbo